The hospital bed market is expected to grow from US$ 3,214.96 million in 2021 to US$ 4,688.96 million by 2028; it is estimated to grow at a CAGR of 5.7% from 2022 to 2028.
Chronic disorders, including cancer, hepatitis, and cardiovascular diseases, cannot be completely cured by medications or prevented by vaccines. According to the World Health Organization (WHO), non-communicable diseases are a leading cause of mortality, accounting for ~70% of deaths globally. Such increasing prevalence of chronic diseases fuels the growth of the global hospital bed market. Further, key players in this market are developing innovative products for the global market. For instance, in 2020, Stryker Corporation launched the industry’s first and only completed wireless bed, “ProCurity.” The new product is designed to reduce in-hospital patient falls at all acuity levels, improve nurse workflow efficiency and safety, and lower hospitalization costs.
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Hill-Rom Holdings (Baxter); Stryker Corporation; Arjo; Invacare Corporation; GF Health Products; Span America (Sarvaria Corporation); Malvestio SpA; STIEGELMEYER GMBH AND CO. KG; Savion Industries; and Paramount Bed Holdings are among the leading companies operating in the hospital bed market.
According to the National Health Council report, ~40 million Americans face constraints in their routine activities as they suffer from one or more chronic health conditions. Incurable chronic diseases affect ~133 million Americans, representing more than 40% of the total population as per the published report in 2019. Many people are living with one or more chronic illnesses, such as diabetes, heart disease, or depression, but with two or more conditions. Such a high prevalence of chronic diseases may result in a greater requirement for hospitalization, which drives the demand for hospital beds. According to the estimates presented in a report by the Department of Health & Children, ~80% of the general practitioners’ (GP) consultations and 60% of hospital bed requirements are related to chronic disease cases with associated complications.
As per a report by the Data and Digital Health Unit, acute care hospital beds are available for curative care, accounting for 100,000 beds per population in Europe. Patients are accommodated on these beds for managing labor (obstetrics), curing nonmental illness or providing definitive treatments to injuries, performing surgeries, and relieving symptoms of nonmental illnesses, among others. ~75% of the healthcare expenditure is allocated to managing chronic diseases every year in the US. According to estimates provided in the Department of Health & Children report, ~8 of the top 11 causes of hospitalizations in the UK are associated with chronic diseases, and 5% of the inpatients are aligned with long-term conditions, occupying ~42% of hospital beds.
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Based on type, the global hospital bed market is segmented into semi-electric, electric, and manual beds. The semi-electric segment held the largest market share in 2021; however, the electric bed segment is anticipated to register the highest CAGR of 6.2% during the forecast period. Based on usage, the global hospital bed market is segmented into acute care beds, long-term care beds, psychiatric care beds, and others. In 2021, the acute care beds segment held the largest market share; however, the long-term care beds segment is expected to record the highest CAGR during the forecast period owing to the increasing need for these beds with the growing number of surgical procedures.
Based on end user, the global hospital bed market is segmented into hospitals & clinics, elderly care facilities, ambulatory surgical centers, and home care settings. The hospital & clinics segment is accounted for the largest share of the medical bed market in 2021. Based on application, the global hospital bed market is segmented into non-intensive beds and intensive care beds. In 2021, the non-intensive beds segment held a larger share of the market.
Below is the list of the growth strategies done by the players operating in the hospital bed market:
In March 2021 – Paramount Bed Holdings announced new product launch namely, “PARAMOUNT BED Global Channel” that will increase the company’s product awareness globally.
In December 2021 – Baxter International, Inc., announced merger & acquisition with Hill-Rom. This acquisition unlocks the next phase of transformation, presenting a new wave of potential driving impact intended for patients, clinicians, employees, shareholders and other communities to serve globally.
In August 2018 – Stryker announced partnership with Ascom for integrating Ascom Unite Software with Stryker’s iBed Wireless Smarthed system. The partnership sims to deliver Stryker iBed wireless notification to clinicians or doctors about patient safety risk condition such as patient fall.
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